Biotech shares rise in early trading, pharma slips

NEW YORK (MarketWatch) - Shares of Elan Corp.
ELN, +0.00%
and Biogen Idec
BIB, -1.85%
rose in early Friday trading, after the drugmakers said they applied to the Food and Drug Administration seeking approval to market Tysabri in the U.S. as a treatment for patients with moderately to severely active Crohn's disease. Elan was up 1.4% and Biogen Idec rose 2.2%. Genzyme Corp.
genz
shares also gained in morning action, after the biotechnology company said it its drug Synvisc, used to treat pain due to osteoarthritis of the knee, will maintain a separate Medicare reimbursement code and rate for 2007. As a result of the decision by the enters for Medicare and Medicaid Services, effective January 1, 2007, the Medicare payment rate will continue to be 106% of Synvisc's average selling price. The DJ Wilshire Biotech index was up nearly 1% at 3216.85, while the DJ Wilshire Pharmaceutical Index slipped fractionally to 2352.68.

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